Michelle Stafford, the Emmy Award winning star of The Young and the Restless, has reportedly quit the CBS drama.

Sources close to the fan favorite, who originated the role of Phyllis Summers in 1994, confirmed to E! News that she would be exiting on Monday. Stafford previously left the show in 1997 after winning her first Emmy for Outstanding Supporting Actress in a Drama Series and joined Aaron Spelling's short lived drama, Pacific Palisades. The character of Phyllis was recast with Sandra Nelson during her absence but Stafford returned to the role in 2000.

Since returning to the role, Stafford won another Emmy for Outstanding Leading Actress in a Drama Series category in 2004. The actress has been nominated overall 10 times, with her most recent nomination being this year for Lead Actress at the upcoming June ceremony.

Michael Fairman published an article with the two time Emmy Winner on May 19 following the recognition by her peers. She did not allude to possibly exiting the soap opera but only shared her feelings about another nomination. Stafford was happy for the honor but tempered her expectations.

"It is a validation of your work, but you put to much credence on it. If you think it means that you're good, or not good, it can screw with your head, that's all," Stafford said.

Stafford also revealed the scenes she submitted for Emmy consideration. One involved a confrontation between her character and nemesis Christine Blair. Phyllis had just gotten away with her nearly killing her rival and was mad, but Stafford said she wanted to play the scenes differently.

"The thing was, Phyllis already won. She got off for the crime. So when you already won, you don't need to throw it to be mad, because you won! I put some gloating in there! Like, "I'm free, b--ch!",' Stafford said.

Stafford has not publicly commented on the matter and neither has CBS, but soap insiders believe that the role may be recast once more.

"Hearing Michelle Stafford is out. #YR Phyllis will exit canvas but her character may not leave town," Nelson Branco, a producer at CITY TV's Breakfast Television, tweeted Tuesday.

If a new actress does step into the role, she would be tackling a storyline that many fans have waited Stafford to play for years. It has recently been teased that Phyllis will find out that ex-husband Nick Newman lied about being the father of her daughter Summer is.